UAE market news & discussions for 10 December 2009Stocks in the UAE bounced back solidly at the end of a grim week, with Emaar and a few others closing 10% and 15% limit up after news yesterday that the Emaar-Dubai Holding merger was not going ahead. The ADX rose 1.4% to 2502 points from turnover of AED 253m. The DFM rose a solid 7.0% to 1641 points from turnover significantly higher at AED 1.1 billion. On the Nasdaq Dubai at 1415 UAE time, DP World is up 14%, and Depa is down 10%. UAE financial news - latest news from Reuters, Bloomberg and UAE mediaDubai Financial MarketArabtec (ARTC) was the most active stock in Dubai for a change, up 6.9% to 1.85 from turnover of AED 302m. Emaar Properties (EMAAR) and Dubai Financial Market (DFM) both closed 15% limit up at 2.94 and 1.57 respectively, and were the only other stocks trading more than AED 100m worth. Other 15% limit up stocks were Dubai Islamic Bank (DIB), Islamic Arab Insurance (IAIC), National General Cooling (TABREED), and Deyaar Development (DEYAAR), while Dubai Investment Company (DIC), Dubai Islamic Insurance (AMAN), Shuaa Capital (SHUAA), and Arab International Logistics (ARMX) all rose more than 10%. Most remaining stocks were up between 4% and 10%. Emirates NBD (ENBD) was the only loser, falling by 3.5% to 3.30. Abu Dhabi Securities ExchangeNo stocks in Abu Dhabi traded more than AED 100m but Aldar Properties (ALDAR) was just below that level as the most active stock, and closed 10% limit up at 4.37. Other stocks with last trades at limit up prices in Abu Dhabi were for Abu Dhabi Ship Building (ADSB) (on just one trade), First Gulf Bank (FGB), Abu Dhabi Commercial Bank (ADCB), Sorouh Real Estate (SOROUH), and Ras Al Khaimah Properties (RAKPROP), although due to earlier trading in negative territory, the average change was much lower, which is what the ADX uses as closing price data. Most other stocks had average prices up by less than 5% from yesterday. Arkan Building Materials (ARKAN) was the only loser on turnover of more than AED 1m, down by 1.4% to 2.10. There were another 9 losers, all on low volumes, including 10% limit down for International Fish Farming (ASMAK) and National Bank Of Ras Al Khaimah (RAKBANK). | |